Methodology

Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2015. All companies on the list must publish financial data and report part or all of their figures to a government agency. Figures are as reported, and comparisons are with the prior year’s figures as originally reported for that year. Fortune does not restate the prior year’s figures for changes in accounting.

Revenues

Revenue figures include consolidated subsidiaries and reported revenues from discontinued operations, but exclude excise taxes. For banks, revenue is the sum of gross interest income and gross noninterest income. For insurance companies, revenue includes premium and annuity income, investment income, realized capital gains or losses, and other income, but excludes deposits.

Profits

Profits are shown after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and noncontrolling (minority) interests, but before preferred dividends. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2013 profits to 2014 losses. Profits for partnerships and cooperatives are reported but are not comparable with those of the other companies on the list because they are not taxed on a comparable basis. Profits for mutual insurance companies are based on statutory accounting. Revenue and profit figures for non-U.S. companies have been converted to U.S. dollars at the average exchange rate during each company’s fiscal year (ended Dec. 31, 2014, unless otherwise noted).

Balance Sheet

Assets shown are those at the company’s fiscal year-end. Stockholders’ equity is the sum of capital stock, paid-in capital, and retained earnings on the same date. Noncontrolling (minority) interest is not included. Figures for non-U.S. companies have been converted to U.S. dollars at the exchange rate at each company’s fiscal year-end.

Employees

The figure shown is either a fiscal year-end or yearly average number, as published by the company. Where the breakdown between full- and part-time employees is supplied, a part-time employee is counted as one half of a full-time employee.

Medians

The medians for profit changes from 2013 do not include companies that lost money in 2013 or lost money in both 2013 and 2014, because no meaningful percentage changes can be calculated in such cases.

Credits

This year’s Fortune Global 500 was prepared under the direction of list editor Scott DeCarlo. Financial statements and annual reports were reviewed by reporter Douglas Elam, accounting specialists Richard Tucksmith and Rhona Altschuler, and markets editor Kathleen Smyth. Reporter Cindy Kano (Tokyo) reviewed and verified figures for Japanese companies. Beijing bureau manager Zhang Dan provided figures for Chinese companies. Fortune’s Business Information Database administrator, Larry Shine, supplied technical support. Edith Fried reviewed and edited nonstatistical information. Researchers Viki Goldman and Kathleen Lyons assisted in data verification using data provided by FactSet Research Systems, Hoover’s, Morningstar Document Research, S&P Capital IQ and Thomson Reuters.

Company profiles were written by Scott Cendrowski, Erika Fry, Stephen Gandel, Ben Geier, Robert Hackett, Matthew Heimer, Tom Huddleston Jr., Beth Kowitt, Adam Lashinsky, Michal Lev-Ram, Laura Lorenzetti, Leena Rao, Daniel Roberts, Geoff Smith, Benjamin Snyder, and Phil Wahba.

59.

Nissan Motor

Last year's Rank: 61

Carlos Ghosn, President and CEO of Nissan, unveils the new Nissan Maxima at the 2015 New York International Auto Show in New York City.

Photograph by Eric Thayer — Reuters

Japanese auto manufacturer Nissan sold 5.3 million units in 2014, an all-time calendar year record for the company. It saw an impressive jump in sales in the U.S., riding off of the car-buying wave after the end of the credit crisis.

strengths

Strong sales and solid brand recognition.
A lack of bad recall scandals in recent years.

weaknesses

The Nissan Leaf has not been terribly popular.

opportunities

Despite the Leaf's failings, the company has the infrastructure to perform well in electric vehicles, if they can attrack a market.

threats

Startups like Tesla threaten to seriously disrupt the auto market.

Company Information
CEO	Carlos Ghosn
Industry	Motor Vehicles and Parts
Sector	Motor Vehicles & Parts
HQ Location	Yokohama, Japan
Website	http://www.nissan-global.com
Years on List	21

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	103459.60	-1.1%%
Profits	4161.7	7.2%%
Assets	142153.80
Employees	149388

Profits as a % of
Profit as % of Revenues	4%
Profits as % of Assets	2.9%
Profits as % of Stockholder Equity	9.8%

* Figures prepared in accordance with International Accounting Standards. Figures are for fiscal year ended March 31, 2015.

60.

SAIC Motor

Last year's Rank: 85

A Roewe 950 Fuel Cell electric car of SAIC Motor is displayed at the 2014 China International Industry Fair in Shanghai, China.

Photograph by AP

SAIC isn’t a household name to most American consumers, but it is the biggest auto manufacturer in China. The company does have partnerships with several Western brands, including General Motors and Volkswagen.

strengths

Being a state-owned company provides SAIC with stability other companies don't enjoy.
The Chinese auto market is one of the biggest in the world.

weaknesses

A sagging Chinese economy could put a damper on auto sales.

opportunities

If China's economy rebounds, the market for SAIC will be huge.

threats

More and more foreign auto makers are selling cars in China, eating into SAIC's market share.

Company Information
CEO	Chen Zhixin
Industry	Motor Vehicles and Parts
Sector	Motor Vehicles & Parts
HQ Location	Shanghai, China
Website	http://www.saicmotor.com
Years on List	4

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	102248.60	11.1%%
Profits	4540.1	12.5%%
Assets	66871.50
Employees	92484

Profits as a % of
Profit as % of Revenues	4.4%
Profits as % of Assets	6.8%
Profits as % of Stockholder Equity	17.9%

* Government owned 50% or more.

61.

JP Morgan Chase

Last year's Rank: 57

Photograph by Ron Antonelli — Getty Images

The nation’s largest bank also wants to feel like your hometown one as well. At its investor’s day earlier this year, CEO Jamie Dimon remarked how dog friendly its branches are. (Free dog biscuits.) It’s all part of a plan to make the financial behemoth seem simple. But JPMorgan is actually pretty complicated. It has the largest derivatives trading book on Wall Street, and is a big player in repos, a lending market few see, but is a key part of the plumbing of the financial system. Dimon is slimming down Chase’s complicated, and thanks to increased regulations, less profitable Wall Street businesses. That hurt sales, which were down 4% in 2014, but investors are happy and earnings are up (though the later is mostly due to fewer financial crisis-related fines). The moves have also held off critics who say the bank should be broken up. For now, Dimon’s empire, one of the most profitable in the financial sector, appears safely intact.

strengths

As the biggest bank in the nation, JPMorgan would still qualify for a bailout if it were to run into trouble.
The best of the megabanks is using its position as the nation's largest lender to take market share in other financial markets, like underwriting stock sales or advising on mergers.

weaknesses

Chase has struggled to stay out of trouble. In the past few years, a large trading mishap and legal settlements have cost the bank over $25 billion in losses and fines.
Because it is the biggest bank in the nation by assets, it is subject to stricter capital requirements than it competitors.

opportunities

As corporations around the world get bigger, they increasingly need large banks to finance their transactions, and make loans.
The bank's huge deposit base is a source of cheap money that it can use to make loans or fund its business.

threats

Continued low interests is squeezing the profits banks collect on loans.
Government regulation has raised costs and made some of the bank's businesses less profitable than they used to be.

Company Information
CEO	James Dimon
Industry	Commercial Banks
Sector	Financials
HQ Location	New York, NY
Website	http://www.jpmorganchase.com
Years on List	21

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	102102.00	-3.9%%
Profits	21762	21.4%%
Assets	2573126.00
Employees	241359

Profits as a % of
Profit as % of Revenues	21.3%
Profits as % of Assets	0.8%
Profits as % of Stockholder Equity	9.4%

63.

Siemens

Last year's Rank: 58

An employee grinds the metal frame of an Amtrack locomotive at the Siemens Industry Inc. manufacturing facility in Sacramento, California.

Photograph by David Paul Morris – Getty Images

CEO Joe Kaeser has been struggling to turn around the giant German engineering firm since he took charge in August 2013. Revenues declined for the second straight year in 2014, and the company lags in profitability. Demand for its lucrative large turbine business has fallen as small turbines have gained favor. (It recently acquired Rolls-Royce’s small turbine business for that reason.) Global crises and depressed oil prices have made it a difficult environment for growth. Siemens has shed thousands of workers and a massive restructuring effort is underway. The company made a series of strategic divestments—mostly in the healthcare business—and drew criticism for shelling out $7.6 billion for Dresser-Rand, the U.S. oilfield equipment maker—right before oil prices tanked.

strengths

Siemens is well-diversified in terms of geography and business lines.

weaknesses

Lags competitors in profitability.
Complicated bureacratic structure.

opportunities

Massive restructuring effort underway.
Making a play to build energy business and capitalize on U.S. shale boom.

threats

Shifting demand in power generation business.
International crises and depressed oil prices slow growth and spending.

Company Information
CEO	Joe Kaeser
Industry	Electronics, Electrical Equip.
Sector	Industrials
HQ Location	Munich, Germany
Website	http://www.siemens.com
Years on List	21

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	101560.30	-4.3%%
Profits	7288.3	29.7%%
Assets	132473.20
Employees	357000

Profits as a % of
Profit as % of Revenues	7.2%
Profits as % of Assets	5.5%
Profits as % of Stockholder Equity	18.6%

* Figures prepared in accordance with International Accounting Standards. Figures are for fiscal year ended Sept. 30, 2014.

* Includes revenues from discontinued operations.

64.

Carrefour

Last year's Rank: 65

An employee works in a Carrefour store in Riaille, western France.

Photograph by Jean-Sebastian Everard – Getty Images

Like U.K. rival Tesco, Carrefour has been fighting European consumers’ shift away from Big Box supermarkets as they turn to online shopping and smaller retailers closer to home. But so far, the French chain has had much more success with its strategy of investing in its stores, localizing its offerings, and aggressively lowering prices. For the second year in a row, all of its French formats (supermarkets, hypermarkets, and convenience stores) grew organically. Sales of non-food items were positive for the first time in six years in all of its operations.

strengths

Carrefour has a unique management structure of a CEO and two deputy CEOs.
The company is exiting challenged markets such as India.

weaknesses

CEO Georges Plassat is turning his attention to online sales, but the company is late to the game.
Nearly half of its sales are in France, which is a slow-growth market.

opportunities

Brazil, where business is booming.
Its co-investment in a real estate arm focused on improving shopping centers next to its hypermarkets.

threats

A tough Chinese market.
CEO Plassat, who has turned the company around, will face mandatory retirement in four years when he turns 70.

Company Information
CEO	Georges Plassat
Industry	Food and Drug Stores
Sector	Food & Drug Stores
HQ Location	Boulogne-Billancourt, France
Website	http://www.carrefour.com
Years on List	21

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	101238.10	-0.5%%
Profits	1656.8	-1.2%%
Assets	55401.10
Employees	381227

Profits as a % of
Profit as % of Revenues	1.6%
Profits as % of Assets	3%
Profits as % of Stockholder Equity	14.9%

* Figures prepared in accordance with International Accounting Standards.

65.

Nippon Tel. & Tel.

Last year's Rank: 53

Models hold Fujitsu Ltd. Arrows, from left, Sharp Corp. Aquos Zeta, Sony Corp. Xperia Z3 and Xperia Z3 Compact smartphones during a news conference unveiling NTT Docomo Inc.'s new smartphone models in Tokyo, Japan, on Tuesday, Sept. 30, 2014.

Photograph by Tomohiro Oshumi — Getty Images

Nippon Telegraph & Telephone (NTT) is world’s third-biggest telecom provider by revenue. But it’s also an odd corporate bird–a former government monopoly that now endures as a public-private hybrid. By law, the Japanese government is required to own at least 33% of NTT. The company controls the “last mile” of Japanese landline phone services, but regulations require NTT to share that access with other providers, preventing it from turning a big profit. Its most important asset is its two-thirds stake in NTT DoCoMo, Japan’s biggest wireless provider. That business, at least, has performed well in recent years. And NTT is nearing completion of an extensive fiber voice and broadband network that analysts think could position the company well for life after the demise of the traditional landline.

strengths

NTT is the majority owner of NTT DoCoMo, Japan's biggest wireless provider, which has won plaudits for its management and investments in technology.
Steady cash flow from landline and wireless businesses has enabled NTT to retire debt and make strategic acquisitions.

weaknesses

The company's status as a semi-monopoly subjects it to stringent regulation that has constrained its profits.
NTT DoCoMo has been slower than its competitors to roll out new services and adopt popular handsets like the iPhone; this has cost the company market share.

opportunities

NTT's new fiber broadband network, which is nearing completion, should enable the company to roll out new services and capture new customers.
Recent acquisitions have bolstered the company's IT services business.

threats

Some Japanese politicians advocate a breakup of NTT, which could keep its various businesses from cross-selling and sharing administrative costs.
NTT has what you could call a "Ma Bell" problem: It's widely perceived among younger Japanese as the unhip, older person's phone network.

Company Information
CEO	Hiroo Unoura
Industry	Telecommunications
Sector	Telecommunications
HQ Location	Tokyo, Japan
Website	http://www.ntt.co.jp
Years on List	21

Key Financials (last fiscal year)	($ Millions)	% change
Revenues	100913.90	-7.5%%
Profits	4711.9	-19.4%%
Assets	172649.70
Employees	241600

Profits as a % of
Profit as % of Revenues	4.7%
Profits as % of Assets	2.7%
Profits as % of Stockholder Equity	6.5%

* Figures prepared in accordance with U.S. Generally Accepted Accounting Principles. Figures are for fiscal year ended March 31, 2015.

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